Govt receives big investment offer for Pakistan Steel

ISLAMABAD: The government authorities have received an offer of one billion to one-and-half billion dollars investment for Pakistan Steel Mills, quoting sources ARY News reported on Saturday.

“It has been decided to privatize the steel mills in third quarterly of current fiscal year 2022-23”, sources said.

Four firms were pre-qualified for privatization of Pakistan Steel, according to sources.

Chinese state-owned company Boa Steel had expressed interest in purchase of the shares of the Pakistan Steel Mills, sources said.

International investor firms have visited the steel mills after being pre-qualified for bidding.

Sources said that the steel mills balance sheet will be cleared and its losses will be transferred to another company, according to sources.

According to sources, the steel mills production will reach to one million tons in the first year after privatization, which will increase to two million tons in second year and three million tons in third year, sources said.

It is to be mentioned here that Chairman privatization commission had presented a plan to revive Pakistan Steel Mills before a cabinet body headed by Finance Minister Miftah Ismail in June this year.

The chairman presented the roadmap for the restoration of the steel mills along with recommendations that it could be revived with the help of foreign investment.

“The commercial leasing of the 1229 acres of land owned by steel mills and a jetty are also part of the restoration plan.”

“Modern technology could also be transferred to Pakistan during the revival process along with multiple job openings,” it said.

The committee was briefed on the visit of officials from the Chinese state-owned company Boa Steel to the Pakistan Steel Mills and their interest in investing in the project.